- Hybrid,
- Fully Outsourced,
- Others
Payroll Outsourcing Market Size is expected to be valued at USD 18,785.6 million in 2022 and growing at a CAGR of 3.8% over the forecast period by 2028. Increasing demand for process, technology, governance standardization, the rise of multi-country and centralized models for outsourcing act as drivers to the global market. Lack of awareness, Lack of company identity and familiarity, and Additional cost act as restrain which hung the market. Cloud-based systems provide multiple opportunities for to the market growth. This report studies global payroll outsourcing market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global payroll outsourcing market.
Payroll Outsourcing Market Summary
Study Period
2023-29
Base Year
2022
CAGR
3.8%
Largest Market
Asia-Pacific
Fastest Growing Market
North America
Payroll Outsourcing Market Growth
It is noticed that the global payroll outsourcing market has a significant market growth rate on perspective of growth of adoption of payroll outsourcing by the industries. Most of organizations in IT, Telecom, BFSI, and other service industries are implementing payroll services to reduce the expenditure. Companies either outsource a single process or entire services to augment the existing function. Most common outsourcing functions are related to finance and accounting, human capital management, and shared service centers. In addition, Organizations maintaining an internal team for tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than organizations that outsource the same functions.
North-America Got Significant Share
Payroll Outsourcing Market
North America contributed major revenue followed by Europe and Asia Pacific. In 2021, North America region accounted huge growth rate and is anticipated to grow with a forecast year due to the presence of key market players and ongoing R and D activity. China, the world second largest economy, is forecast to reach an estimated to have significant CAGR, Asia Pacific to dominate the global market.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The payroll outsourcing arket report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Payroll Outsourcing Market Segmentation
By Product Type
By end user
- Mid-Market,
- National,
- Multinational,
- Others
By Geography
- North America,
- Europe,
- Asia Pacific,
- Latin America, and
- Middle East and Africa
Frequently Asked Questions
The payroll outsourcing market is projected to expand at a CAGR of 3.8% during the forecast period
IBM Corporation, Infosys Ltd., Intuit, Inc., NGA Human Resources, Paychex, Inc., Ramco Systems Ltd., SafeGuard World International, Workday, Inc.
North America is the fastest-growing region for payroll outsourcing market
| 1. Executive Summary |
| 2. Global Payroll Outsourcing Market Introduction |
| 2.1. Global Payroll Outsourcing Market – Taxonomy |
| 2.2. Global Payroll Outsourcing Market –Definitions |
| 2.2.1. Product Type |
| 2.2.2. End User |
| 3. Global Payroll Outsourcing Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Payroll Outsourcing Market Dynamic Factors - Impact Analysis |
| 3.6. Global Payroll Outsourcing Market – Competition Landscape |
| 4. Global Payroll Outsourcing Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 |
| 4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Payroll Outsourcing Market, By Product Type, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 5.1. Hybrid |
| 5.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Fully Outsourced |
| 5.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Others |
| 5.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global Payroll Outsourcing Market Forecast, By End User, 2017 - 2021 and Forecast, 2022 - 2028 |
| 6.1. Mid-Market |
| 6.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. National |
| 6.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Multinational |
| 6.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Others |
| 6.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7. Global Payroll Outsourcing Market Forecast, By Region, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Payroll Outsourcing Market - Opportunity Analysis Index, By Product Type, By End User, and Region, 2022 - 2028 |
| 8. North America Payroll Outsourcing Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 8.1. Product Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Hybrid |
| 8.1.2. Fully Outsourced |
| 8.1.3. Others |
| 8.2. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 8.2.1. Mid-Market |
| 8.2.2. National |
| 8.2.3. Multinational |
| 8.2.4. Others |
| 8.3. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America Payroll Outsourcing Market - Opportunity Analysis Index, By Product Type, By End User, and Country, 2022 - 2028 |
| 8.5. North America Payroll Outsourcing Market Dynamics – Trends |
| 9. Europe Payroll Outsourcing Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 9.1. Product Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Hybrid |
| 9.1.2. Fully Outsourced |
| 9.1.3. Others |
| 9.2. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Mid-Market |
| 9.2.2. National |
| 9.2.3. Multinational |
| 9.2.4. Others |
| 9.3. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Poland |
| 9.3.8. Rest of Europe |
| 9.4. Europe Payroll Outsourcing Market - Opportunity Analysis Index, By Product Type, By End User, and Country, 2022 - 2028 |
| 9.5. Europe Payroll Outsourcing Market Dynamics – Trends |
| 10. Asia-Pacific Payroll Outsourcing Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 10.1. Product Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Hybrid |
| 10.1.2. Fully Outsourced |
| 10.1.3. Others |
| 10.2. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Mid-Market |
| 10.2.2. National |
| 10.2.3. Multinational |
| 10.2.4. Others |
| 10.3. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Japan |
| 10.3.2. China |
| 10.3.3. India |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Payroll Outsourcing Market - Opportunity Analysis Index, By Product Type, By End User, and Country, 2022 - 2028 |
| 10.5. Asia-Pacific Payroll Outsourcing Market Dynamics – Trends |
| 11. Latin America Payroll Outsourcing Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 11.1. Product Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Hybrid |
| 11.1.2. Fully Outsourced |
| 11.1.3. Others |
| 11.2. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Mid-Market |
| 11.2.2. National |
| 11.2.3. Multinational |
| 11.2.4. Others |
| 11.3. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America Payroll Outsourcing Market - Opportunity Analysis Index, By Product Type, By End User, and Country, 2022 - 2028 |
| 11.5. Latin America Payroll Outsourcing Market Dynamics – Trends |
| 12. Middle East and Africa Payroll Outsourcing Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
| 12.1. Product Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Hybrid |
| 12.1.2. Fully Outsourced |
| 12.1.3. Others |
| 12.2. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Mid-Market |
| 12.2.2. National |
| 12.2.3. Multinational |
| 12.2.4. Others |
| 12.3. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. Israel |
| 12.3.3. South Africa |
| 12.3.4. Rest of MEA |
| 12.4. MEA Payroll Outsourcing Market - Opportunity Analysis Index, By Product Type, By End User, and Country, 2022 - 2028 |
| 12.5. MEA Payroll Outsourcing Market Dynamics – Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, End User & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Accenture PLC |
| 13.2.2. ADP LLC |
| 13.2.3. Ceridian HCM, Inc. |
| 13.2.4. CGI Group, Inc. |
| 13.2.5. Genpact |
| 13.2.6. Hewlett Packard Enterprise Development L.P. (HPE) |
| 13.2.7. IBM Corporation |
| 13.2.8. Infosys Ltd. |
| 13.2.9. Intuit, Inc. |
| 13.2.10. NGA Human Resources |
| 13.2.11. Paychex, Inc. |
| 13.2.12. Ramco Systems Ltd. |
| 13.2.13. SafeGuard World International |
| 13.2.14. Workday, Inc. |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
- Accenture PLC
- ADP LLC
- Ceridian HCM, Inc.
- CGI Group, Inc.
- Genpact
- Hewlett Packard Enterprise Development L.P. (HPE)
- IBM Corporation
- Infosys Ltd.
- Intuit, Inc.
- NGA Human Resources
- Paychex, Inc.
- Ramco Systems Ltd.
- SafeGuard World International
- Workday, Inc.